On October 6, 2020, Radix announced that it would integrate with Chainlink to make DeFi oracles easy to access for developers. The Radix protocol is the first layer-1 protocol built from the ground up for DeFi.
The Benefit of Integrating Chainlink
With the integration, developers on the Radix protocol will have easy access to a range of secure off-ledger data. The data will be used to help developers as they bring traditional financial services to the masses via decentralized apps. It will also make it quicker to create innovative DeFi products on the Radix protocol.
Solving A Key Challenge For Defi App Developers
One of the main requirements for developers in the DeFi space is access to market data. The data is usually stored inside the decentralized network. As a result, Radix dApps have to access off-ledger sources to get the data. After looking into various oracle solutions, Radix settled in Chainlink’s price feeds, which are already in use by some of the leading DeFi protocols such as Aave, Synthetix, and Bancor.
What The Leadership Team Had To Say
While commenting on the recent development, the Radix CEO, Piers Ridyard, said that providing developers within the Radix ecosystem access to high-quality data was vital to helping them achieve their mission. Radix’s mission is to provide the best infrastructure on which the next generation of DeFi products will be built.
The Radix CEO said that the price oracles from Chainlink would enable developers that use Radix to offload time-consuming and complex oracle infrastructure to experts in the sector. As a result, they would have more time to focus on designing smart contract apps that help to revolutionize the global financial industry.
An official from Chainlink expressed equally positive sentiments regarding the integration. According to Daniel Kochis, the Head of Business Development at Chainlink, they were excited to empower developers to create the next generation DeFi solutions on the Radix layer-1 protocol. They were doing this by providing the developers with reliable and secure oracle solutions.
He added that by availing in-demand market data via their oracles, they were sure that Radix could support a wide range of innovative data-driven financial products. These products would be available in the traditional and crypto-asset markets.
What Is Chainlink?
Chainlink has emerged in the crypto and blockchain sector as the most widely used platform for powering universal smart contracts. It allows developers to connect any blockchain with high-quality data sources from real-world data and other blockchains. Besides Radix, other DeFi platforms such as Teller Finance have integrated the Chainlink oracle solutions.
Chainlink network is used to secure billions of dollars’ worth of value via smart contracts within DeFi, gaming, insurance, and many other industries. The Chainlink infrastructure is powered by a decentralized community that is consumed of hundreds of thousands of people.
With easy access to quality market data in a tamper-resistant manner, developers within the Radix ecosystem plan to build a wide array of DeFi apps. Some of the protocols they have interest in include decentralized lending products, financial derivatives, and asset management services.
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